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How Bitcoin and Cryptocurrency Works


You must have seen many forms of money, i.e. rupees in India, dollars in America, pound in Britain, euro in Europe etc. You must have seen all this currency in the form of paper shops, and you can touch it by hand, keep it in your pocket. Wherever you go in the world, you have to use the currency there. In such a situation, digital payment is being encouraged today. Due to this a phase of digital currency has started, which you cannot see, cannot touch, but it has become the most valuable currency in today's time. It is a worldwide crypto currency and digital payment system. It can be said that if the internet had been the name of a place, it would have been the national currency there.
In such a situation, digital payment is being encouraged today. Due to this a phase of digital currency has started, which you cannot see, cannot touch, but it has become the most valuable currency in today's time. It is a worldwide crypto currency and digital payment system. It can be said that if the internet had been the name of a place, it would have been the national currency there.
In India, it is completely invalid, meaning it has not been recognized by the Indian government, so no person in India can buy or sell it. This is being shown here because for the first time in the world, India is preparing to freeze its ongoing transactions. Using this, the sellers of drugs have started the transaction of money through it. India's Narcotic Control Bureau has made preparations to freeze 500 bitcoins in this transaction.

What is Cryptocurrency
First of all, know about cryptocurrency, it is a kind of digital asset, for which cryptography is used. It is commonly used to purchase goods and services. It acts as a "peer to peer electronic" cash system. It can be used with the help of internet. With its help, money can be hidden very easily. There is no need to visit any bank or other government institution for its use. Therefore, with the help of cryptocurrency, your money can be easily hidden.

Type of Crypto coin
There are about 1000 cryptocurrencies present in the immediate time, but there are some of them, which are used a lot.
  • Dash: Dash cryptocurrency was invented in the year 2014. It was initially known as Dark Coin.  This network is faster and more powerful than bitcoin.
  • Jade Cash: It originated in October 2016.  All the information is encrypted during its use, yet it cannot be used for 'double spread'.
  • Monero: It is also a special kind of cryptocurrency. Special type of security is used in this, which is called ring signature. It is very much in the 'Dark Web Black Market'. Smuggling is done with its help. Hence black marketing becomes easy with its use.


What is bitcoin

With this help, a person can send money to any other person anywhere with the help of a third party and a bank. That is, you can send money from your bitcoin wallet to another person's bitcoin wallet. For this, you only have to pay two and a half cents (i.e. 1 rupee 67 paise).
It is a kind of digital currency, which is manufactured and regulated with the help of electronic system. This is a very fast way of transacting money. It is just a process between two people, so it does not require any third person. In its transactions, the money comes in the form of codes in your bitcoin wallet. With this, a good business has started in the whole world with the help of computers.

Beginning of Bitcoin
It was first released in January 2009 as an open source software by Satoshi Nakamoto. Different people have been claiming themselves as Satoshi Nakamoto at different places, but till date its real programmer has not been revealed. In today's time, many such programmers are engaged in making it safe and strong. Its basic purpose was to release money from one place to another without the help of any third party or any central authority. Software related to this has been created around the world.

Bitcoin Value
5 years ago, a bitcoin was priced at Rs 6. But today its price is about 45,000 rupees. the price of one bitcoin was Rs 14 thousand in 2015, in the year 2016 it has increased to Rs 30 thousand and today it is worth Rs 45,000. According to an estimate, it could be up to 6 lakh next year.

What is Bitcoin Wallet 

It is a kind of software program, in which bitcoins are stored and stored. If it is said in true sense, it is not kept anywhere. A bitcoin has its own private number i.e. code, which is stored in the bitcoin wallet. With this help, we can take bitcoins very comfortably or give it to someone. This is similar to a mobile wallet.

What Bitcoin legally correct 

Its legal right and wrong is decided on the basis of which country you are using it. It has been given legal permission in Japan, but in many countries, it is still not given legal consent. In some countries it has been placed in the 'Gray zone', where neither it has been formally banned nor its use has been recognized.

Why use bitcoin 

It can be used for many special reasons, which are described below,
·       In many countries where there is no capital control.  These people buy bitcoin and send it out of the country and convert it into money again. This is done in many Gray areas.
·      It is also used to hide personal wealth. Some of the wealthier people who want to hide their money used to take shelter of Swiss bank earlier, but now it is difficult to deposit money there
·       People who do not have access to the bank, they are using it. The biggest thing is that no card, etc. is required for its use. Due to its help, transactions are not face to face, so there is no fear of any kind.

How Bitcoin Works 

It is exchanged with peer-to-peer technology, that is, these moneys are directly transferred from one computer to another. It is sent as a block chain divided among the common people. As the bank keeps track of your money, these block chains keep an account of every bitcoin. That is, any transaction in any place in the world is accounted for in this block chain. Since every transaction is verified and the network keeps a record of it, it cannot be fraudulent. This technology makes thousands of people who monitor this transaction with the help of powerful computers. And let's check it out. For this, whoever does it successfully, some bitcoins are given as a reward. This is called mining of bitcoins.

Actually, thousands of people who verify this transaction in code language work like a clerk of the bank, and they are called Minors. These people monitor the transaction so that it is not misused. But while completing this process, these minors have to solve a math problem. Which Minor resolves this problem as soon as possible. He gets around 12.5 bitcoins in return, and in this way, he gets into the digital market. But its economy has been constructed in such a way that after a time its number decreases to half. Initially, 50 bitcoins were made out of 1 block. The number of bitcoins per block decreases to half in every 4 years. That is, after about 125 years the manufacture of new bitcoins will stop. By then, 2 crore 10 lakh bitcoins will have arrived in the world. It will end soon, so people are competing to buy more and more of it.


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